Lombard register pre-tax profit of €6.10 million

Lombard Bank Malta p.l.c pre-tax profits for the six months ended on June 30, 2010 increased to €6.10 million, 12.7% higher than the previous year. The Lombard Group result was up by 4.9% to €6.76 million.

25 August 2010, 12:00am
by Charlot Zahra

1 min read

In a company statement issued yesterday, Lombard Bank Maltap.l.c said in its review of financial performance and financial position, that group profit after tax of €4.33 million increased by 6.0% compared to €4.09 million registered during 2009.

Net Interest income of €8.17 million increased by 18.6 per cent from €6.89 million in 2009.

Tight treasury management resulted in an increase of 7.4% in Operating Income to €19.73 million.

The Bank’s Cost-to-Income ratio improved to 33.0% from 37.1% as a result of higher income streams and increased efficiency. The ratio improved for the group from 65.3% to 62.0% as further efficiencies at MaltaPost p.l.c continued to bear fruit.

Prudential risk assessment of the bank’s loan assets resulted in an increase of €645,000 in Impairment Allowances, which now stand at a satisfactory 1.8% of the total advances portfolio.

Loans and advances to customers remained stable at €330.29 million, while customer deposits at €473 million increased by 6.0%.

Total assets under management stood at €564.14 million, up 3.9% from 2009.